中文摘要：

健康状态的维持需要医疗健康成本的投入。该成本在政府和个人两者间分担，个人承担份额的多少会影响可供其他消费和投资的财富量，从而影响投资者资产配置决策；另外，医疗健康问题还会通过多个渠道影响其投资决策。本文从医疗健康成本角度分析了成本分担方式，构造了两期资产配置模型并进行求解，在分析了医疗健康问题影响渠道后建立了考虑医疗健康问题的长期资产配置模型。本文的研究表明：随着个人支付成本占工资收入比例的降低，投资者用于医疗健康以外的其他消费相应增加，两者之间为非线性数量关系；政府对医疗体系的稳定投入有助于减少收入波动风险，降低人们的风险对冲需求，从而可能促进投资者对风险资产的投资。本文主要的创新之处在于构造出考虑医疗健康成本因素的资产配置模型，分析了医疗健康成本与个人消费、投资之间的数量关系，并在量化研究基础上提出了稳定增加对医疗卫生体系投人的政策建议。

英文摘要：

Maintaining people＇s health status needs healthcare cost. Individuals and government will undertake the cost together and it will affect personal asset allocation. Moreover, healthcare problem affects personal asset allocation through some ways. This paper proposes an optimization model of asset allocation by the way of decomposing healthcare cost and considering the influence of health on investors＇ earnings, and solved a two - period model. The result shows that when the proportion of individuals＇ payment decreases, investors will increase other consumption except for heahhcare cost and the relationship between them is nonlinear. For healthcare system the government＇s stable input will decrease the fluctuation of labor income and people＇s need of risk hedging. The main innovation of this paper is building a model of asset allocation with consideration of healthcare cost, analyzing the quantitative relationship between healthcare cost and individual asset allocation, and providing related policy advices.